Course Description
This training course is designed to provide participants with a comprehensive understanding of management accounting techniques and their practical application in decision-making processes. The course will equip participants with the skills to analyze financial data, optimize resource allocation, and contribute to strategic planning within their organizations.
The course will cover a wide range of topics, including cost behavior analysis, budgeting, variance analysis, performance measurement, and strategic decision-making tools. Participants will engage in practical sessions to apply these techniques in real-world scenarios, ensuring they gain hands-on experience and confidence in using management accounting tools effectively.
Course Objectives
Upon the successful completion of this Understanding and Applying Management Accounting Techniques Training Course, participants will be able to:
- Develop a deep understanding of management accounting principles and techniques.
- Apply management accounting tools for effective decision-making.
- Enhance their skills in budgeting, cost control, and performance evaluation.
- Acquire practical knowledge for strategic planning and resource optimization.
- Contribute to organizational growth through data-driven insights.
Training Methodology
The course is designed to be highly interactive, challenging and stimulating. It will be an instructor led training and will be delivered using a blended learning approach comprising of presentations, discussions, guided sessions of practical exercise, case study review, web-based tutorials, group work, exploration of relevant issues collaborative strength training, performance measurement, and workshops of participants displays, all of which adhere to the highest standards of training. The training technique is built on learning by doing, with lecturers using a learner-centered approach to engage participants and provide tasks that allow them to apply what theyve learned. Experiential knowledge is also given equal importance within the format of training. Our facilitators are seasoned industry professionals with years of expertise in their chosen fields. All facilitation and course materials will be offered in English.
Who Should Attend?
This Understanding and Applying Management Accounting Techniques Training Course would be suitable for, but not limited to:
- Finance Managers and Accountants
- Business Analysts and Financial Analysts
- Operations Managers and Department Heads
- Entrepreneurs and Business Owners
- Professionals seeking to enhance their management accounting skills
Personal Benefits
- Gain a competitive edge in the job market with advanced management accounting skills.
- Improve your ability to make informed financial decisions.
- Enhance your analytical and problem-solving skills.
- Build confidence in using management accounting tools in real-world scenarios.
- Expand your career opportunities in finance and management roles.
Organizational Benefits
- Improved financial decision-making and resource allocation.
- Enhanced ability to monitor and control costs effectively.
- Better strategic planning and performance measurement.
- Increased efficiency and profitability through data-driven insights.
- Strengthened financial management practices across the organization.
Course Outline
Module 1: Introduction to Management Accounting
- Overview of management accounting and its role in decision-making
- Differences between financial accounting and management accounting
- Key concepts and terminologies in management accounting
- Ethical considerations in management accounting
- Practical Session: Analyzing a case study on management accounting applications
Module 2: Cost Behavior and Analysis
- Understanding fixed, variable, and mixed costs
- Cost-volume-profit (CVP) analysis
- Break-even analysis and its applications
- Marginal costing and contribution analysis
- Practical Session: Calculating break-even points and conducting CVP analysis
Module 3: Budgeting and Forecasting
- Types of budgets and their purposes
- Steps in the budgeting process
- Forecasting techniques and their applications
- Variance analysis and budget control
- Practical Session: Preparing a budget and analyzing variances
Module 4: Performance Measurement and Management
- Key performance indicators (KPIs) and their role in management
- Balanced scorecard approach
- Non-financial performance measures
- Benchmarking and continuous improvement
- Practical Session: Developing a balanced scorecard for a case study organization
Module 5: Strategic Decision-Making Tools
- Relevant costing for decision-making
- Make-or-buy decisions and outsourcing
- Pricing strategies and cost-plus pricing
- Capital investment appraisal techniques
- Practical Session: Evaluating a capital investment project using NPV and IRR
Module 6: Activity-Based Costing (ABC)
- Introduction to ABC and its benefits
- Steps in implementing ABC
- Cost drivers and activity analysis
- ABC vs. traditional costing methods
- Practical Session: Applying ABC to allocate overhead costs
Module 7: Cost Control and Reduction Strategies
- Identifying cost drivers and cost reduction opportunities
- Lean accounting principles
- Value chain analysis and cost management
- Tools for continuous cost improvement
- Practical Session: Developing a cost reduction plan for a case study
Module 8: Financial Statement Analysis for Managers
- Interpreting financial statements for decision-making
- Ratio analysis and its applications
- Cash flow analysis and working capital management
- Limitations of financial statement analysis
- Practical Session: Analyzing financial statements and calculating key ratios
Module 9: Risk Management in Management Accounting
- Identifying financial and operational risks
- Risk assessment and mitigation strategies
- Role of management accounting in risk management
- Scenario planning and sensitivity analysis
- Practical Session: Conducting a risk assessment for a case study
Module 10: Strategic Management Accounting
- Role of management accounting in strategic planning
- Long-term financial planning and forecasting
- Competitive analysis and strategic positioning
- Integrating management accounting with corporate strategy
- Practical Session: Developing a strategic financial plan
Module 11: Sustainability and Management Accounting
- Role of management accounting in sustainability initiatives
- Environmental cost accounting
- Measuring and reporting sustainability performance
- Integrating sustainability into decision-making
- Practical Session: Calculating environmental costs and benefits
Module 12: Technology in Management Accounting
- Role of technology in modern management accounting
- Accounting software and ERP systems
- Data analytics and visualization tools
- Automation and its impact on management accounting
- Practical Session: Using accounting software for financial analysis
Module 13: Behavioral Aspects of Management Accounting
- Impact of management accounting on employee behavior
- Motivation and performance measurement
- Ethical dilemmas in management accounting
- Communication of financial information
- Practical Session: Analyzing a case study on behavioral aspects
Module 14: Global Trends in Management Accounting
- Emerging trends and best practices
- Impact of globalization on management accounting
- Adapting to regulatory changes
- Future of management accounting
- Practical Session: Discussing global trends and their implications
Module 15: Integrating Management Accounting with Other Functions
- Collaboration between finance and operations
- Role of management accounting in marketing decisions
- Integrating HR and financial planning
- Cross-functional decision-making
- Practical Session: Developing an integrated decision-making framework
Module 16: Advanced Cost Management Techniques
- Target costing and lifecycle costing
- Kaizen costing and continuous improvement
- Throughput accounting
- Theory of constraints
- Practical Session: Applying advanced costing techniques
Module 17: Financial Modeling for Managers
- Basics of financial modeling
- Building and interpreting financial models
- Sensitivity and scenario analysis
- Applications of financial modeling in decision-making
- Practical Session: Creating a financial model
Module 18: Capstone Project and Course Review
- Applying all learned techniques to a comprehensive case study
- Group presentations and feedback
- Course review and key takeaways
- Certification and closing remarks
- Practical Session: Capstone project presentation
Requirements
- Participants should be reasonably proficient in English.
- Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.
Terms and Conditions
- Discounts: Organizations sponsoring Four Participants will have the 5th attend Free
- What is catered for by the Course Fees: Fees cater for all requirements for the training Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.
- Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.
- The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.
- Approval of Course: Our Programs are NITA Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.
Booking for Training
Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.
Or call us on +254720272325 / +254737566961
Payment Options
We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:
- Groups of 5 People and Above Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.
- Invoice: We can send a bill directly to you or your company.
- Deposit directly into Bank Account (Account details provided upon request)
Cancellation Policy
- Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.
- Participants may cancel attendance 14 days or more prior to the training commencement date.
- No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.
Tailor Made Courses
This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location.
For further inquiries, please contact us on Tel: +254720272325 / +254737566961 or Email training@phoenixtrainingcenter.com
Accommodation and Airport Transfer
Accommodation and Airport Transfer is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737566961
